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CGX Energy Inc V.OYL

Alternate Symbol(s):  CGXEF

CGX Energy Inc. is a Canada-based oil and gas exploration company. It is focused on the exploration of oil in the Guyana-Suriname Basin and the development of a deep-water port in Berbice, Guyana. The Company, through one of its subsidiaries, holds an interest in a Petroleum Prospecting Licence (PPL) and related Petroleum Agreement (PA) on the Corentyne block in the Guyana Basin, offshore Guyana. The Company, through its subsidiary Grand Canal Industrial Estates, is constructing the Berbice Deep Water Port. This facility, located on the eastern bank of the Berbice River, adjacent to and north of Crab Island in Region 6, Guyana, is being constructed on 30 acres with 400 m of river frontage. Its subsidiaries include CGX Resources Inc., GCIE Holdings Limited and CGX Energy Management Corp. It is the operator of the Corentyne block and holds a 27.48% working interest. Its Wei-1 exploration well is located west of the Kawa-1 discovery in the northern region of the Corentyne block.


TSXV:OYL - Post by User

Post by Mat1791on Oct 11, 2022 7:53am
407 Views
Post# 35016660

Polluted Board

Polluted BoardMultiple aliases, agenda driven posts, be aware, due your diligence.  CGX is an investment gamble not an investment.

A quick, quasi accurate, estimate @ 32% WI, $4USD BOE, 335MM Outstanding & Corentyne Block Potential?

@ 500,000,000 BOE =  $1.91 USD
@ 750,000,000 BOE = $2.87 USD
@ 1,000,000,000 BOE = $3.82 USD

No port

https://cgxenergy.com/wp-content/uploads/2022/08/CGX-Energy-Inc_Corporate-Presentation-Final-28Aug2022-1.pdf
  • The Company has a clean balance sheet and is fully funded through the Wei-1 exploration well, to be spudded in October 2022, upon closing of a recent transaction signed with its JV partner, FEC, on July 21, 2022.

  • The July 21, 2022 transaction proposes the transfer of 34.67% of working interest in the Corentyne block to FEC in exchange of (i) up to $130.0 million funding for Wei-1 well, (ii) up to $28.8 million of certain Kawa-1 exploration well, Wei-1 well pre-drill, and other costs, (iii) $54 million of outstanding payables settled, and (iv) $3.8 million cash consideration.

  • On closing the transaction, subject to condition precedents being satisfied, the Company will own 32% of the interest in Corentyne PA.

  • The Company recorded a discovery on the Corentyne block at the Kawa-1 well in 2022: condensate and light oil discovered in 228 feet of pay in the Maastrichtian, Campanian, Santonian and Coniacian levels. This discovery has helped de-risk the Wei-1 well, located 14km from Kawa-1 well, raising chance of success from 29 to 56%.

  • Secured funding for the Wei-1 well, secured all permitting, contracted the Maersk Discoverer to drill the well, retained 95% of expert team which drilled Kawa-1. Spud expected in October 2022.

     


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